Reddit Collectible Avatars Attracted Over 10M Users In Less Than a Year

The societal level Reddit is present reaping the harvest of its hard enactment to onboard much users to its ecosystem. According to the blockchain analytics level Dune Analytics, determination are present much than 10 cardinal holders of Reddit NFTs aka Reddit collectible avatars. 

The data besides shows that implicit 7.8 cardinal avatar holders retired of 10 cardinal person a azygous wallet, hence a azygous collectible. With implicit 13.9 cardinal collectible avatars existing astatine property time, Reddit has garnered much than $39.6 cardinal successful marketplace capitalization.

In July 2022, Reddit harnessed Polygon to rotation retired its branded avatars. All of them were designed by Reddit contented creators and autarkic artists. Reddit aimed to pull arsenic galore users arsenic possible, truthful the institution simplified the onboarding and buying processes and acceptable an accessible price. It worked retired good and wrong the archetypal month, the Reddit Avatars crossed 1 cardinal users. However, a large burst fell successful 2023, namely the fig of Reddit avatar holders accrued by 80%. Several factors led to specified a tangible surge. One of them is the motorboat of the 3rd procreation (Gen 3) of Reddit Avatars successful April, trailing its Gen 1 and Gen 2 editions. Currently, determination are much than 17,758 azygous collectible Gen 3 avatar holders with much than $3 cardinal successful full income volume. 

On May 26th, Reddit took different bold measurement to deepen its stance successful the realm. It forged a concern with the video crippled publishing institution Ubisoft to motorboat the Reddit Rabbids x Reddit Collectible Avatars. The bid is filled with nostalgic memories of playing Raving Rabbids by Ubisoft and the modern vibes of avatars’ popularity. This motorboat triggered an upward inclination for Reddit Avatar metrics. 

Believing successful the imaginable of the Reddit ecosystem, Polygon’s co-founder Sandeep Nailwal said during an AMA with r/India subreddit:

“Reddit is possibly the lone well-known Big Tech institution who has cracked the NFT codification and they are capable to thrust a batch of engagement with Reddit NFTs.”

With its existent surge successful the fig of users and revenue, Reddit stays poised astatine positioning itself arsenic a starring societal level embracing the non-fungible movement. Reddit’s enactment is worthy of praise and appreciation arsenic it’s 1 of a fewer brands that managed to thrive during a carnivore market.